Cost Plus Fee Construction Contract In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Fee Construction Contract in Philadelphia is a binding agreement between the Contractor and the Owner for the construction of a specified project. Key features include a detailed scope of work, permitting responsibilities, and insurance requirements for the Contractor. The contract allows the Owner to make changes to the work scope through written Change Orders, with costs managed through actual expenses incurred plus an agreed-upon fee. It outlines payment terms, including penalties for late payment, reinforcing the importance of financial obligations. Utility for the target audience includes attorneys who may draft or review the contract; Owners and Partners who oversee project costs and management; and Associates and Paralegals who assist in documentation and compliance. Legal Assistants benefit from understanding filing and editing processes for such contracts to ensure compliance with local laws. This contract is essential for projects where cost management and transparency are critical, allowing for flexibility and clear communication between all parties involved.
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FAQ
Most general contractors use a markup of between 15-20%. However, contractor markups largely depend on the project and average costs in the area.
